18-23: Ginnie Mae Seasoning Requirements for VA Loans

Effective for loans purchased on or after 6/4/2018, PennyMac is aligning with Ginnie Mae’s updates to seasoning on all VA refinance transactions (IRRRL and non-IRRRL). When refinancing any loan to a new VA loan, the new note date must be on or after the later of:

the date that is 210 days after the date on which the firstmonthlypayment was made on the mortgage being refinanced, and

the date on which 6 full monthlypayments have been made on the mortgage being refinanced.

Lenders will need to validate and document when the first and sixth payments were made in order to ensure compliance with Ginnie Mae’s seasoning.